The Hyderabad-based IT services company Cyient Ltd expects to recoil strongly in FY22, driven by growth from some of its key verticals and clients.
“Next year, we expect growth from verticals like rail transportation, semiconductor, communications, and mining.
The aerospace industry is on the path of recovery, and we expect it will also gain momentum in the upcoming year,” Mr.Krishna Bodanapu, managing director and CEO, Cyient, stated in a letter to the shareholders of the firm in the annual report 2020-21.
“Our DLM (design-led manufacturing) business is also self-assured for strong growth. DLM’s performance confirms our strategy of investing in this area, offering a distinctive design and manufacturing value proposition to our clients,” Mr Bodanapu stated.
During FY21, Cyient benefitted from the accelerated implementation of fifth-generation networks, representing about 10 percent of the total revenues. The rail transport business grew on the back of a recovery in key accounts and ramp-up of new engagements.
“Overall, this sector is seeing increased infrastructure projects that are creating demand across the engineering segment,” Bodanapu said.
In line with Cyient’s mergers and acquisitions (M&A) strategy, it acquired Integrated Global Partners (IGP), a specialist Australian consulting firm, to expand its offerings for the local and regional resources sector. Mining remains a focus industry, and Australia presents a strategic growth region.
“M&A is a key element of our growth strategy, and we will continue to leverage the cash available in the business to focus on strategic and tactical acquisitions,” Bodanapu said.
Cyient is an Indian MNC in Technology Sector that focused on engineering, manufacturing, data analytics, and networks and operations. B. V. R. Mohan Reddy founded the company in 1991 in Hyderabad, India, currently a key player in the global Aerospace industry.
According to the recent investor report, Cyient has over 12000 employees in 14 countries; it has 300+ customers, and its yearly revenue was USD 556.8 Million.
For Latest IT Industry News, Follow us on Google News and Twitter